The Hedge Fund Manager That Helped JP Morgan Unwind The Whale Trade Is Finally Talking About What Happened

Now that the smoke is clearing, we're finally getting a sense of
what was happening as JP Morgan scrambled to unwind the $2 billion
trading lost discovered in its London Chief Investment Office.

CNBC's Kate Kelly just reported that Andrew Feldstein, the head
of Blue Mountain Capital— the hedge fund that bet against, and
then helped JP Morgan unwind their trade, has spoken out about
what happened.

That means we finally have some numbers. Here's the rundown:

25% of Blue Mountain Capital's performance year-to-date was
part of the Whale trade.

The hedge fund is also up 10% year-to-date.

This spring, Blue Mountain Capital as much as $50 billion
worth of trades with JP Morgan. They helped unwind the trade by
going long corporate risk.

Feldstein also had something to say about what the loss means in
relation to the scandal of the moment — LIBOR manipulation (from
CNBC):

"LIBOR is orders of magnitude more significant than some dumb
trades that halved the quarterly profits of an otherwise robust
bank. Unlike JPM's error of judgement, LIBOR manipulation is an
error in principle. Estimates of the contracts and obligations
impacted range from $500 to $800 trillion."